Soybeans were lower on fund and speculative selling. There are continued concerns about weather’s impact on the crop but there’s some rain in the forecast for parts of the Midwest. Also, while weekly export sales were good, the shipments were slow. Soybean meal and oil were down, following beans. The National Oilseed Processors Association reports the May member soybean crush was larger than expected, and up on the month and year, at 138.266 million bushels. ABIOVE pegs Brazil’s recently harvested soybean crop at 66.2 million tons, up from their last guess by 300,000, with exports projected at 30 million tons and ending stocks at 1.16 million tons. China’s Ministry of Commerce estimates Beijing’s soybean imports for June at 6.56 million tons and the National Grain and Oils Information Center states 17,922 tons were auctioned out of state reserves from a total offering of 600,000 tons.
Corn was higher on fund and commercial buying. Corn is keeping an eye on the hot, dry conditions around some of the key growing areas of the Cornbelt. USDA reported a new marketing year low for old crop but that’s due at least in part to the tight supply of old crop corn. Ethanol futures were higher. According to Agroconsult, Brazil’s winter corn crop could hit 38.8 million tons thanks to recent improvements in rainfall, with the total 2011/12 corn crop at a record 73.7 million tons. Dow Jones Newswires reports South Korea’s Corn Processing Industry Association bought 55,000 tons of optional origin corn.
The wheat complex was higher on short covering, commercial buying, and the lower dollar. Minneapolis led the way up on the strong export demand for milling wheat and China bought 120,000 tons of 2012/13 U.S. soft red winter. As for the milling wheat, Japan bought a total of 147,118 tons (66,056 tons U.S. dark northern spring, 36,060 tons Australian standard white, 23,307 tons U.S. western white, and 21,695 tons U.S. hard red winter), while Taiwan purchased 47,050 tons of U.S. milling wheat (unspecified amounts of dark northern spring and hard red winter), and South Korea picked up 25,100 tons of U.S. milling wheat (9,300 tons hard red winter, 8,500 tons dark northern spring, and 7,300 tons soft white). Also, there are concerns about crop weather in key global areas. European wheat was called flat on E.U. economic uncertainties. Strategie Grains did raise its 2012/13 E.U. soft wheat estimate by 1.5 million tons to 124.2 million tons, citing improved weather; Strategie sees wheat exports at 13.5 million tons.
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